Procter & Gamble Co. (PG), the world’s largest consumer-products maker, and Teva Pharmaceutical Industries Ltd. won European Union approval for a joint venture to sell over-the-counter medicines.

The European Commission said the deal didn’t raise competition concerns because the combined market share for pain killers and cough medicine would remain relatively low and P&G would continue to face rivalry. It said it approved the deal as P&G’s proposed acquisition of Teva’s over-the-counter business.

Paul Williams, a spokesman for Teva, said P&G will have a 51 percent stake in the venture, PGT Healthcare, and Teva will hold the remainder.

“This is a joint initiative that has ongoing involvement from the two parties,” Williams said in by e-mail.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net